D-BOX Technologies Inc EBITDA surged on 730% in 2015 and Revenue jumped on 17.0%
19.06.2015 • About D-BOX Technologies Inc (
$DBO) • By InTwits
D-BOX Technologies Inc reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- D-BOX Technologies Inc doesn't have a profitable business model yet: FY2015 ROIC is -7.5%
- EBITDA Margin is expanding: 3.3% in FY2015 vs. 0.5% in FY2014 vs. -78.9% in FY2011
- D-BOX Technologies Inc spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2011-FY2015 is 0.0%. Average EBITDA Margin for the same period was -14.7%0
- D-BOX Technologies Inc has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.1%. At the same time it's in pair with industry average of 4.5%.
- CAPEX is quite volatile: 20.5 in 2015, 63.6 in 2014, 52.2 in 2013, 42.5 in 2012, 40.8 in 2011
- The company has unprofitable business model: ROIC is at -7.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
D-BOX Technologies Inc ($DBO) key annual financial indicators
| mln. CAD | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 6.685 | 8.832 | 14.253 | 17.593 | 20.588 | 17.0% |
| Gross Profit | 3.390 | 4.868 | 8.044 | 7.868 | 9.288 | 18.0% |
| SG&A | | 9.065 | 7.794 | 8.797 | 9.137 | 3.9% |
| EBITDA | -5.277 | -5.076 | -0.393 | 0.082 | 0.681 | 730.5% |
| Net Income | -6.152 | -6.556 | -2.575 | -1.589 | -0.478 | -69.9% |
Balance Sheet
|
|---|
| Cash | 20.940 | 9.320 | 5.708 | 6.717 | 6.710 | -0.1% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |
Cash flow
|
|---|
| Capex | 0.662 | 0.658 | 0.496 | 0.378 | 0.525 | 38.9% |
Ratios
|
|---|
| Revenue growth | 47.2% | 32.1% | 61.4% | 23.4% | 17.0% | |
| EBITDA growth | 2.8% | -3.8% | -92.3% | -120.9% | 730.5% | |
| Gross Margin | 50.7% | 55.1% | 56.4% | 44.7% | 45.1% | 0.4% |
| EBITDA Margin | -78.9% | -57.5% | -2.8% | 0.5% | 3.3% | 2.8% |
| Net Income Margin | -92.0% | -74.2% | -18.1% | -9.0% | -2.3% | 6.7% |
| SG&A, % of revenue | | 102.6% | 54.7% | 50.0% | 44.4% | -5.6% |
| CAPEX, % of revenue | 9.9% | 7.5% | 3.5% | 2.1% | 2.6% | 0.4% |
| ROIC | -29.8% | -26.1% | -11.6% | -10.4% | -7.5% | 2.9% |
| ROE | -30.0% | -25.0% | -11.3% | -7.4% | -2.3% | 5.1% |
| Net Debt/EBITDA | | | | -81.9x | -9.9x | 72.1x |
Revenue and profitability
D-BOX Technologies Inc's Revenue surged on 17.0% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin dropped on 167 pp from -124% to -291% in 2015.
Gross Margin showed almost no change in FY2015. SG&A as a % of Revenue decreased on 5.6 pp from 50.0% to 44.4% in FY2015.
Net Income marign increased on 6.7 pp from -9.0% to -2.3% in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 2.6% in FY2015. The company's CAPEX/Revenue decreased on 4.9 pp from 7.5% in FY2012 to 2.6% in FY2015. It's average CAPEX/Revenue for the last three years was 2.7%.To fuel this fast growth the company invested a large share of EBITDA (77.1%) to CAPEX.
Return on investment
The company operates at negative ROIC (-7.48%) and ROE (-2.30%). ROIC increased on 2.9 pp from -10.4% to -7.5% in FY2015. ROE increased on 5.1 pp from -7.4% to -2.3% in FY2015.
Leverage (Debt)
The company has no debt. Cash showed almost no change in FY2015.
Appendix 1: Peers in Consumer, Cyclical
Below you can find D-BOX Technologies Inc benchmarking vs. other companies in Consumer, Cyclical industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Amaya Inc ($AYA) | 216.4% | 311.5% | 85.2% | 254.0% | |
| Partner Jet Corp ($PJT) | -19.9% | -15.2% | 1.2% | 119.7% | |
| Kelso Technologies Inc ($KLS) | 80.5% | 577.5% | 487.8% | 81.4% | |
| XPEL Technologies Corp ($DAP.U) | 46.3% | 76.6% | 67.7% | 65.5% | |
| Holloway Lodging Corp ($HLC) | 5.4% | -24.6% | 2.7% | 62.7% | |
| |
|---|
| Median (67 companies) | 12.0% | 5.3% | 4.9% | 7.2% | 3.1% |
|---|
| D-BOX Technologies Inc ($DBO) | | 32.1% | 61.4% | 23.4% | 17.0% |
Top companies by Gross margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Restaurant Brands International Inc ($QSR) | | | 69.7% | 87.0% | |
| Imvescor Restaurant Group Inc ($IRG) | 96.2% | 94.2% | 89.7% | 84.9% | |
| DEQ Systems Corp ($DEQ) | 74.3% | 77.5% | 78.4% | 84.7% | |
| Second Cup Ltd/The ($SCU) | 91.1% | 86.6% | 85.1% | 72.7% | |
| New Look Vision Group Inc ($BCI) | 72.3% | 71.8% | 72.6% | 72.6% | |
| |
|---|
| Median (59 companies) | 36.1% | 34.1% | 31.6% | 32.5% | 36.9% |
|---|
| D-BOX Technologies Inc ($DBO) | 50.7% | 55.1% | 56.4% | 44.7% | 45.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Westshore Terminals Investment Corp ($WTE) | | 49.7% | 65.9% | 60.9% | 59.6% |
| Gamehost Inc ($GH) | 44.2% | 46.1% | 45.7% | 45.9% | |
| Great Canadian Gaming Corp ($GC) | 34.1% | 16.8% | 41.1% | 40.1% | |
| Amaya Inc ($AYA) | -5.7% | 7.2% | 38.2% | 39.3% | |
| MTY Food Group Inc ($MTY) | 32.2% | 36.3% | 38.7% | 37.0% | |
| |
|---|
| Median (65 companies) | 8.7% | 8.1% | 9.8% | 10.0% | 9.7% |
|---|
| D-BOX Technologies Inc ($DBO) | -78.9% | -57.5% | -2.8% | 0.5% | 3.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Poydras Gaming Finance Corp ($PYD) | | | | 32.5% | |
| WestJet Airlines Ltd ($WJA) | 3.9% | 7.9% | 19.5% | 18.6% | |
| Exchange Income Corp ($EIF) | 8.2% | 7.9% | 15.8% | 15.5% | |
| Holloway Lodging Corp ($HLC) | 3.4% | 8.2% | 6.7% | 14.8% | |
| Kelso Technologies Inc ($KLS) | 79.2% | 0.4% | 0.7% | 13.5% | |
| |
|---|
| Median (68 companies) | 2.6% | 2.7% | 2.7% | 2.4% | 3.1% |
|---|
| D-BOX Technologies Inc ($DBO) | 9.9% | 7.5% | 3.5% | 2.1% | 2.6% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Partner Jet Corp ($PJT) | -30.7% | -51.6% | -50.8% | 85.1% | |
| Kelso Technologies Inc ($KLS) | -121.3% | | | 48.8% | |
| XPEL Technologies Corp ($DAP.U) | 52.9% | 54.7% | 57.5% | 43.2% | |
| Westshore Terminals Investment Corp ($WTE) | | 24.0% | 37.8% | 35.0% | 38.3% |
| Iplayco Corp Ltd ($IPC) | -35.4% | 23.0% | 58.5% | 33.6% | |
| |
|---|
| Median (68 companies) | 10.7% | 9.8% | 10.8% | 9.8% | 4.4% |
|---|
| D-BOX Technologies Inc ($DBO) | -29.8% | -26.1% | -11.6% | -10.4% | -7.5% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Mountain China Resorts Holding Ltd ($MCG) | | | | 317.1x | |
| Restaurant Brands International Inc ($QSR) | | | 3.8x | 33.6x | |
| Allied Hotel Properties Inc ($AHP) | | | | 21.3x | |
| Hudson's Bay Co ($HBC) | 8.7x | 3.8x | 3.6x | 19.1x | 3.6x |
| Amaya Inc ($AYA) | | 17.9x | 1.8x | 13.5x | |
| |
|---|
| Median (57 companies) | 1.3x | 1.3x | 1.8x | 2.0x | 1.1x |
|---|
| D-BOX Technologies Inc ($DBO) | | | | -81.9x | -9.9x |
